BarbriSFCourseDetails
  • videocam Live Online with Live Q&A
  • calendar_month February 13, 2026 @ 1:00 p.m. ET./10:00 a.m. PT
  • signal_cellular_alt Intermediate
  • card_travel Accounting
  • schedule 110 minutes

Auditing for Fraud: Meeting GAAS and AU-C Section 240 Requirements

Auditors' Responsibilities, Effective Risk Assessments and Inquiries, Responses to Detected Fraud

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About the Course

Introduction

This webinar will explain how CPAs can best audit to detect fraud. Our panel of seasoned accounting and auditing professionals will examine the responsibilities of management versus those of the audit firm, review AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, and provide guidance on identifying material fraud in audited financial statements.

Description

Auditors report that "Management is responsible for the preparation and fair presentation of financial statements … that are free from material misstatement, whether due to fraud or error." And AU-C Section 240 affirms, "The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management." However, AU-C Section 240 also makes it clear that "An auditor conducting an audit in accordance with GAAS is responsible for obtaining reasonable assurance that the financial statements as a whole are free from material misstatement, whether caused by fraud or error."

Exactly how auditors acquire reasonable assurance is problematic. Certainly, the auditor is responsible for performing risk assessments, conducting interviews, and testing transactions to lend assurance that material fraud is detected. However, as CPAs know, "Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists." Furthermore, when auditors perform a comprehensive audit and uncover potential fraud, they must understand how to address the misdeed appropriately. 

Listen as our panel of assurance leaders shares solid auditing practices for detecting fraudulent transactions and satisfying GAAS requirements in examinations of financial statements.

Presented By

Mfon Akpan, DBA, CGMA
Assistant Professor of Accounting
Northeastern State University

Mr. Akpan’s area of expertise is generating an estimated valuation of earned social media from corporate social responsibility engagement to generate an estimated return on investment and trend analysis. His professional activities include serving as a steering committee member for the American Accounting Association’s (AAA) Conference on Teaching and Learning in Accounting (CTLA) and planning committee member for the AAA’s Teaching, Learning and Curriculum Section (TLC). Mr. Akpan is a five-time TEDx speaker, and his most recent TEDx talk gives practical steps on how we can return to life after the COVID-19 pandemic. He is a doctoral candidate in Accountancy at Indiana Wesleyan University.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

Date + Time

  • event

    Friday, February 13, 2026

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

I. Auditing for fraud: introduction

II. Auditor's responsibilities

III. Financial audits vs. forensic engagements

IV. AU-C Section 240, Consideration of Fraud in FS Audit

V. Assessing risk

VI. Required inquiries

VII. Responses to suspected fraud

VIII. Best practices

The panel will cover these and other critical issues:

  • Auditors' responsibility for detecting fraud
  • Performing effective risk assessments
  • AU-C Section 240 requirements relative to fraud in financial statement audits
  • Responding to suspected fraud in financial statement engagements

Learning Objectives

After completing this course, you will be able to:

  • Identify AU-C Section 240's requirements for considering fraud in audits
  • Determine how required management inquiries can uncover fraud
  • Decide appropriate responses when suspected fraud is detected
  • Ascertain differences between financial audits and forensic engagements
  • Field of Study: Auditing
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite:

    Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.


BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .